Olive oil and pasta are among some of the food items that have actually fallen in price in the past year.
Inflation slowed to 3.2 per cent from 3.6 per cent in the latest figures, released this morning, with food inflation slowing from 4.9 per cent to 4.2 per cent.
Although inflation has dropped, it does not mean that prices are getting cheaper overall, it just means they are rising less quickly.
However, some individual foods are actually falling in price.
Here’s what those items are, and why we are seeing the costs dip, according to experts.
Which foods are falling in price?
Olive oil is the biggest faller, with prices dropping 16.2 per cent in the past year, according to Office for National Statistics (ONS) figures.
Flours and cereals saw the next biggest price dip at 6.1 per cent.
Pasta, couscous, sugar, rice and yoghurt are other items that have also seen a fall in prices over the past year.
Below are all the food groups that saw a fall in prices over the past 12 months.
Why are these items falling in price?
Generally, there can be a lag of six to 12 months between wholesale costs for food changing and consumers seeing the change in store.
But for the above items, experts at the Food and Drink Federation (FDF) said there were specific reasons for falling prices.
Olive oil – the FDF said olive production was impacted by a severe drought in Europe two years ago, but 2024 harvests significantly improved. This means we are seeing the market continue to rebalance after prices hit highs last year. Flour – the FDF said the price of wheat is lower as “there’s more supply on the market from Russia, Argentina and Australia in particular, and demand has fallen in China, making wheat cheaper.” Pasta – pasta also relies heavily on wheat, so has fallen for similar reasons to flour.Which items are rising in price?
Some items are still rising significantly in price despite inflation slowing.
The biggest rises have been seen among beef and veal (27.7 per cent), chocolate (17.3 per cent) and whole milk (14.8 per cent).
squareSAVING AND BANKINGSavings rates to fall 'within days' as inflation dips - what you can do
Read More
With beef, the FDF said that North American production has declined due to droughts in the US and cattle disease in Mexico.
Production in the UK is also at a 10-year low, according to the FDF.
A spokesperson said: “This is because UK farmers are facing significantly higher feed costs and rising wage bills, as well as higher energy prices following the war in Ukraine.”
Sarah Coles, head of personal finance at Hargreaves Lansdown, said farmers were feeling the effects of a poor grass harvest, adding they were also seeing increased labour costs throughout the production and sales process.
The rise in chocolate prices has been well-documented.
A spokesperson for the FDF explained: “The price of cocoa started rising at the end of 2022, and by December 2024 had reached an all-time high, almost quadrupling.
Your next read
square SAVING AND BANKINGInterest rates expected to fall to 3.75% – what it means for your savings and mortgage
square SAVING AND BANKINGInflation falls to 3.2 per cent – what it means for your savings and mortgage
square PENSIONS AND RETIREMENT Pensions Crisis CoachI’m self-employed at 45 and don’t pay into a pension. Can I rescue my retirement?
square MONEY Pension DiariesI’m a 34-year-old hairdresser with no pension – I feel worried but have nothing to spare
“This was because of climate change, tree disease and under investment in the regions making cocoa, impacting supply.
“Cocoa prices are on a downward trend this year, but costs are still much higher than typical levels and can fluctuate significantly.”
Hence then, the article about the food items that are actually falling in price as inflation slows to 3 2 was published today ( ) and is available on inews ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
Read More Details
Finally We wish PressBee provided you with enough information of ( The food items that are actually falling in price as inflation slows to 3.2% )
Also on site :